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Informed Trading and Intertemporal Substitution: The Limits of the No-Trade Theorem
SSRN Electronic Journal, 2016I examine the conditions for the no-trade theorem to hold in multiperiod consumption settings and show it no longer holds in many reasonable scenarios. In situations where agents have different concerns for intertemporal substitution, information-based trade can be mutually acceptable because it enables agents to readjust their consumption profiles ...
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DOXASTIC INFORMATION PARTITIONS, AND AN ANTI‐NO‐TRADE THEOREM (*)
Metroeconomica, 1991ABSTRACTPartitions of the set of states of nature are the traditional information structures in decision theory. In a multi‐person context, common knowledge of the choices, such as it occurs in a trade, implies common knowledge of relevant information: hence a well‐known impossibility theorem for trade based on differing belief can be obtained.
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The Fundamental Theorem of Derivative Trading - exposition, extensions and experiments
Quantitative Finance, 2015When estimated volatilities are not in perfect agreement with reality, delta hedged option portfolios will incur a non-zero profit-and-loss over time. There is, however, a surprisingly simple formula for the resulting hedge error, which has been known since the late 90s. We call this The Fundamental Theorem of Derivative Trading. This paper is a survey
Nielsen, Simon Ellersgaard +2 more
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On Two Theorems In International Trade
2011INTRODUCTION. In a recent survey of the theory of international trade [2], Chipman has devoted a major portion of the third part, entitled "Modern Theory" to two theorems, the Samuclson factor price equalization theorem and the Stolper-Samuelson theorem on the effects of tariffs on real wages.
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On Impossibility Theorems, Informal Algorithms, and International Trade
2021The “Big-Four” accounting firms dominate the global accounting/auditing industry, and the big-seven consulting firms (Bain; McKinsey; Booz; Deloitte; PwC; KPMG and E&Y) dominate the global business/management consulting industry and stifle competition.
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Some theorems of trade with joint production
Journal of International Economics, 1984This paper establishes the following principal results: (1) In the general model with many industries, many factors and many commodities, and with joint production, the concepts of ‘sectoral’ and ‘commodity’ factor intensities will be clarified. (2) Necessary and sufficient conditions for the Rybczynski theorem to be valid will be presented ...
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The Aggregation of Heterogeneous Capital Goods and Various Trade Theorems
Journal of Political Economy, 1970Some authors, in working with the two-factor trade model, carefully specify that the factors of production in the model are labor and land. However, at some point in the development of a course in international trade theory, capital replaces land as the factor that cooperates with labor.
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The general role of factor intensity in the theorems of international trade
Economics Letters, 1982Abstract The pattern of factor intensities often allows predictions of directions of change in 2 × 2 trade theory, but the most general higher dimensional extensions have said little about analogous predictions. This paper obtains general results in an elementary way.
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Some Theorems of Trade and General Equilibrium with Many Goods and Factors
Econometrica, 1979This paper examines various theorems of trade and general equilibrium in a generalized framework involving arbitrary numbers of goods and factors. It develops structural relations among the changes in outputs, commodity prices, factor rewards, and factor endowments.
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Key international trade theorems and large shocks
International Review of Economics & Finance, 2008Abstract Many of the key comparative statics theorems in the theory of international trade are stated and proven only for small changes. Large shocks to equilibrium may change a country's production pattern with trade, and such shocks are shown to provide a non-monotonic kind of response.
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